General Mills earnings forecast disappoints market

General Mills, with a plant in southwest Cedar Rapids, has reported fourth-quarter earnings that met analysts' expectations, but forecast 2011 earnings that disappointed the market.

The Minneapolis-based food conglomerate posted net income of $211.9 million, or 31 cents per share, for the quarter. That's down from $358.8 million, or 53 cents per share, from the same quarter last year.

Excluding one-time items, General Mills earned 41 cents per share for the quarter, down from adjusted net income of 43 cents per share a year earlier.

General Mills' revenue fell 2 percent to $3.57 billion, hurt in part by an extra week in last year's fourth quarter.

Analysts polled by Thomson Reuters, who typically exclude one-time items, expected the company to earn 41 cents per share on revenue of $3.55 billion.

General Mills forecast earning between $2.46 per share to $2.48 per share, excluding one-time items, for fiscal 2011. Analysts had forecast $2.50 per share.

Shares of General Mills fell $1.52 or 4.12 percent to $35.38 in mid-morning trading on the New York Stock Exchange.